Sprint and US Unwired today announced that their boards of directors have unanimously approved an agreement for Sprint to acquire US Unwired for approximately $1.3 billion.
Under the terms of the agreement, Sprint, a global provider of voice, data and Internet services, will commence a cash tender offer to acquire all of US Unwired's outstanding common stock at a price of $6.25 per share. Following completion of the tender offer, any remaining shares of US Unwired will be acquired in a cash merger at the same price.
Sprint also will acquire US Unwired's net debt, which was approximately $266 million as of March 31, 2005, in connection with the transaction. Shareholders with approximately 27.3% of the outstanding common shares of US Unwired have agreed to tender their shares pursuant to the tender offer and to vote their shares in favour of the merger. The acquisition is subject to customary regulatory approvals and is expected to be completed in the third quarter of 2005.
As part of the agreement, Sprint and US Unwired will seek an immediate stay of litigation pending in US District Court in
US Unwired, based in
, provides Sprint PCS services in nine states, serving more than 500,000 direct wireless subscribers in 48 markets. It employs about 600 people and had 2004 revenues of $408 million.
Comment: Brute force can not solve autonomy challenge
My brother has lost his licence in his forties due to an eye problem and he'd quite like a self driving car.